The Pag-IBIG Housing Loan Calculator is an online tool designed to help potential borrowers estimate their monthly amortization and understand the financial commitment required for their desired loan amount. This tool is perfect for helping Pag-IBIG members easily understand the complicated process of availing of a housing loan. Users can quickly and conveniently calculate their estimated monthly amortization by inputting various details such as savings type, monthly contribution, and dividend rate.
Pag-IBIG Housing Loan Calculator
Amortization Table
How to Use the Pag-IBIG Housing Loan Calculator?
To use the Pag-IBIG Housing Loan Calculator effectively, just follow these simple steps:
Access the Pag-IBIG Housing Loan Calculator – Navigate to the Housing Loan Calculator tab on our website: https://pagibigcalculator.com/housing-loan-calculator/.
Enter the Loan Amount – Enter the amount of the loan you are interested in taking. This is the amount in which you wish to borrow for your housing loan.
Select the Pricing Period – The pricing period options are derived from a set of interest rates depending on the terms (1 year, 5. 75%; 3 years, 6. 259%, etc. ).
Choose the Loan Term – In this option, you must select the time period in which you expect to repay the loan. The period of the loan may vary from 1 to 30 years.
Calculate the Result – Click the Calculate button and see the monthly payment, required gross monthly income, and required gross annual income.
See the Result – You can now review the projected monthly payment and income requirements. The result will show you the amortization table, total balance, principal, interest, and the balance left for each month.
FAQs
What is the Pag-IBIG Housing Loan Calculator?
The Pag-IBIG Housing Loan Calculator is an online tool that helps potential borrowers estimate their monthly amortization for a housing loan.
What information do I need to use the calculator?
You will need to input the savings type, monthly contribution, and dividend rate.
Is the monthly amortization calculated by the tool accurate?
The calculator provides an estimate based on the input details. While it offers a good approximation, the actual monthly payments may vary slightly due to additional factors.
Does the calculator include taxes and other fees?
No, the calculator does not include other costs such as property taxes, insurance, and maintenance.
Can I adjust the loan amount and term to see different payment scenarios?
Yes, you can input different loan amounts and terms to compare various scenarios and find the most suitable option for your financial situation.
How does the Pag-IBIG Housing Loan Calculator estimate the monthly payment?
The Pag-IBIG Housing Loan Calculator uses the following formula to estimate the monthly payment for your housing loan:
mp = (la * mir) / (1 – (1 + mir) ^ -ltm)
Where:
mp = Monthly Payment
la = Loan Amount
mir = Monthly Interest Rate
ltm = Loan Term in Months
For example, if you have a loan amount of ₱1,000,000, a pricing period of 10 years with an interest rate of 7.125%, and a loan term of 10 years:
- The monthly interest rate (mir) is 7.125% divided by 12, which is 0.0059375.
- The loan term in months (ltm) is 10 years multiplied by 12, which is 120 months.
Using the formula, the calculator estimates a monthly payment (mp) of approximately ₱11,675.37. Adding a monthly insurance premium of ₱45.00 gives a total monthly payment of ₱11,720.37.
Additionally, the required gross monthly income is calculated as ₱33,358.21, and the required gross annual income is ₱400,298.53.
Important Tips
Using the Pag-IBIG Housing Loan Calculator is easy, but here are some tips to ensure you make the most out of it:
Consider Other Costs – Remember that the monthly amortization is not the only cost. You should also factor in other expenses like property taxes, insurance, and maintenance.
Assess Your Financial Health – Before you apply for a loan, make sure to review your financial status to make sure that you have a stable income as it greatly improves the chances of loan approval.
Save for a Down Payment – You should aim to save at least 20% of the property’s price to reduce your loan amount and monthly payments.
Plan for the Long Term – It is important to choose a loan term that has the right balance affordability in terms of monthly payments and the total interest paid over the life of the loan.
Seek Professional Advice – Make sure to consult a financial advisor or a Pag-IBIG representative if you have difficulty understanding any part of your housing loan process.
The Pag-IBIG Housing Loan Calculator is a valuable tool for planning your home financing. By understanding how this calculator works, you can make informed decisions in regard to moving a step closer in achieving your dream of having a home.